Welcome to our dedicated page for Pure Cycle Corporation news (Ticker: PCYO), a resource for investors and traders seeking the latest updates and insights on Pure Cycle Corporation stock.
Pure Cycle Corporation (NASDAQ: PCYO) is a vertically integrated wholesale water and wastewater service provider, operating in two main business segments: Water and Wastewater Resource Development and Land Development. The company designs, constructs, manages, operates, and maintains water and wastewater systems, offering services such as water production, storage, treatment, bulk transmission to retail distribution systems, wastewater collection and treatment, irrigation water treatment and transmission, construction management, billing, and collection.
Established as a key player in its industry, Pure Cycle contracts with landowners, land developers, home builders, cities, and municipalities. The company owns and manages approximately 16,000 acres of irrigated farmland in the Arkansas Valley and about 930 acres of fully entitled master planned community development land along Denver's primary east/west transportation corridor, Interstate 70. The land development segment primarily focuses on developing and selling finished lots, generating maximum revenue for the company.
Pure Cycle's Sky Ranch Master Planned Community is a notable project, where they have delivered 738 finished lots to homebuilders and retained 14 lots for their single-family rental segment. As of the latest update, nearly 600 homes have been built and sold in Sky Ranch, with 90 homes under construction. Pure Cycle also completed and leased 11 additional single-family homes, bringing the total to 14 homes in their rental portfolio.
In the fiscal year ended August 31, 2023, Pure Cycle posted $4.7 million in net income, marking its sixth consecutive year and seventeenth consecutive fiscal quarter with positive net income. Despite challenges such as rising interest rates impacting the housing market, Pure Cycle's Sky Ranch community has shown solid growth, thanks to entry-level homes and its strategic location.
Financially, Pure Cycle reported total revenues of $14.6 million for the year ended August 31, 2023, with significant contributions from both the water and wastewater resource development segment ($7.3 million) and the land development segment ($6.8 million). For the three months ended November 30, 2023, the company recorded a net income of $2.1 million, demonstrating continued fiscal health and operational success.
Pure Cycle continues to see strong demand for its well-priced lots and water availability in the Denver metropolitan region. Looking forward, the company anticipates substantial growth in its water and wastewater service revenues as the Sky Ranch community develops further. With ongoing projects and a robust balance sheet, Pure Cycle is well-positioned to capitalize on market opportunities and deliver strong shareholder returns.
Pure Cycle Corporation (NASDAQ:PCYO) announced its sixteenth consecutive fiscal quarter of positive net income as of April 12, 2023. Notable developments include over 100 new home starts in Phase 2A of the Sky Ranch Master Planned Community and the initiation of construction on 211 lots in Phase 2B. Despite facing headwinds in the housing market due to rising interest rates, the company continues to demonstrate strong demand for affordable homes. For the first half of fiscal 2023, revenues were $4.3 million compared to $8.9 million in the prior year, with net income of $348,000. The company reported cash and investments totaling $22.5 million and expects record revenues from industrial water sales through the fiscal year.
Pure Cycle Corporation (NASDAQ: PCYO) is set to release its financial results for the three and six months ending February 23, 2023, on April 12, 2023. A conference call will follow on April 13, 2023, at 8:30 AM ET to discuss these results. The company continues to diversify its operations through three main segments: wholesale water and wastewater services, land development, and single-family home rentals. This integrated strategy is aimed at driving recurring revenues and strengthening its balance sheet, aligning with their operational goals.
Pure Cycle Corporation (NASDAQ: PCYO) reported positive net income of $0.2 million for Q1 FY2023, marking 15 consecutive quarters of profitability. Despite a revenue decline from $4.3 million in Q1 FY2022 to $1.3 million in Q1 FY2023, largely due to a downturn in the housing market, the company remains optimistic with cash reserves of $32 million and a strong balance sheet. They received $1.2 million in surface use payments from oil and gas operators, suggesting strong future demand. However, water sales decreased by 13%, and land development revenues also fell significantly.
Pure Cycle Corporation (NASDAQ:PCYO) will release its financial results for the three months ended November 30, 2022, on January 9, 2023. An earnings call is scheduled for January 10, 2023, at 8:30 AM ET. The company is diversifying its operations and has three business segments: wholesale water and wastewater services, land development for master-planned communities, and a rental segment for single-family homes at Sky Ranch. This diversification aims to enhance recurring revenues and strengthen their balance sheet.
Pure Cycle reported $9.6 million in net income for the year ending August 31, 2022, marking its fifth consecutive year of profitability. Total revenues reached $23.0 million, a significant increase from $17.1 million in 2021. Key contributions came from land development, water resource development, and single-family rentals. The company delivered a record 404.9 million gallons of water, and the average price per lot increased 40% in Phase 2. Despite challenges in the housing market due to rising interest rates, management remains optimistic about future growth.
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